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Libya oil production at 680,000 barrels per day

 Libyan oil production has reached 680,000 barrels per day (bpd), a Libyan oil source said on Thursday, more than a third higher than earlier this month, as the OPEC member seeks to revive its oil industry. Libya’s National Oil Corp. (NOC) on Monday ended force majeure on the last faci

China aims for sustained and healthy economic development

China is targeting sustained and healthy economic development in the five years to 2025, with an emphasis on a higher quality of growth, the Xinhua news agency said on Thursday, citing the ruling Communist Party’s Central Committee. President Xi Jinping and members of the Central Committee,

Etihad Airways Sells $600 Million in 'Transition' Sukuk

Etihad Airways on Wednesday sold $600 million in five-year “transition” sukuk, or Islamic bonds, which help fund the shift to a greener future. It set the final spread for the sukuk at 200 basis points over mid-swaps and received more than $700 million in orders for the debt sale, the

Kuwait Says to Support Any OPEC+ Supply Decision

Kuwait said on Thursday it would support any decision made by OPEC and its allies on future oil supply policy. “Kuwait fully supports the joint OPEC+ efforts to restore balance to the oil market, and going forward we will also support whatever necessary joint decisions will be agreed to und

Netflix Raises Monthly Charges for US Customers

Streaming video service Netflix Inc on Thursday raised monthly charges in the United States for its standard and premium subscription plans, a move that sent the company's shares climbing nearly 5%. Netflix increased the cost of its standard subscription by $1 a month to $14, and the price for th

Demand issues ‘to overshadow OPEC+ supply next year’

 The Organization of the Petroleum Exporting Countries (OPEC) and its allies will have to contend with a “lot of demand issues” before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco’s trading arm said.OPEC and its allies plan

Tiffany Agrees to Revised Terms on LVMH Takeover Deal

The largest deal in luxury is back on after New York's famed jeweler Tiffany agreed to a slightly reduced offering price from from LVMH in Paris. LVMH will now pay $131.50 for each Tiffany share putting the total price tag at $15.8 billion, down from the $16.2 billion that was first offered earli

Turkey Hikes Inflation Forecast to 12.1% as Weak Lira Bites

Turkey’s central bank raised its 2020 inflation forecast more than 3 percentage points to 12.1% on Wednesday, saying higher import costs due to a record-weak lira were the main factor driving its upward revision. Governor Murat Uysal defended the bank’s decision to leave its policy ra

E-Payments Hit Record Figure in Saudi Arabia

Saudi Payments, a Saudi Arabian Monetary Authority (SAMA) subsidiary, has revealed an unprecedented figure for e-payments. Such payments exceeded two billion transactions through points of sale (POS) in the Kingdom since early 2020 until mid-October, with an increase of more than 69 percent compa

Tunisia Central Bank Warns Buying Treasury Bonds Risky to Inflation, Currency

Tunisia’s central bank warned on Tuesday that government plans to ask it to buy treasury bonds have real risks to the economy, including more pressure on liquidity, high inflation, and a drop in the local currency. It added it is committed to tackling inflation and financial stability. The

Colombia oil and coal production to fall over the next decade, government says

Colombia’s output of top exports oil and coal will fall by 16.9% and 28.4% respectively over the next 10 years, government predictions showed on Tuesday, but the impact will be mitigated by better prices for both fuels. Oil production will fall to 654,000 barrels per day (bpd) in 2030, from

Abu Dhabi Development Fund Supports Sudan with $556.5M

The Director-General of the Abu Dhabi Development Fund revealed that the fund, in cooperation with the Sudanese Government, recently implemented an aid package worth around $556.5 million to support Sudan’s financial, economic, health, education, nutrition and agriculture sectors, as p

Saudi Arabia Signs MoU to Support Yemen’s Agriculture Sector

The Saudi Development and Reconstruction Program for Yemen (SDRPY) on Monday signed a MoU with the Saudi Ministry of Environment, Water and Agriculture to boost the agricultural sector in Yemen. Before signing the memorandum, the Saudi Environment, Water and Agriculture Minister Abdulrahman bin A

G20 Countries Boast 96% of World’s Patents

Official figures have shown that 96 percent of the world’s patents come from the countries of the G20. The figures were revealed during Saudi Arabia’s hosting of the Global Intellectual Property Challenges Forum, in partnership of the G20 secretariat, on Monday. Official spokesman of

Turkish Lira Hits New Lows on Policy, Geopolitical Concerns

The Turkish lira weakened to a fresh record low beyond 8.05 against the US dollar on Monday on investor unease about the central bank's decision last week to keep its policy rate on hold and various sources of geopolitical concern. Strains in ties with the United States, a row with France, a disp

Libya's NOC Lifts Force Majeure on El-Feel Oilfield

Libya's National Oil Corp (NOC) said on Monday it had lifted force majeure on the El-Feel oilfield and that by doing so it had ended all the closures of oilfields and ports that resulted from an eight-month blockade by eastern forces. NOC said on Friday it expected its total oil output to reach 8

World Should Look at All Options to Reduce Emissions, Saudi Energy Minister Says

Saudi Arabia's energy minister said on Monday the world should be looking at all options to mitigate emissions of greenhouse gases in its fight against climate change, but that getting rid of oil and gas would be "far-fetched and unrealistic". "Let's not focus on the fuel of choice but rather how

German Business Sentiment Falls on Coronavirus Angst

German business morale fell for the first time in six months in October, weighed down by companies’ concerns about rising coronavirus infection rates that are making them more cautious about the coming months, a survey showed on Monday. The Ifo institute said its business climate index fell

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